Energy Blast – Oct 8, 2008

LUKoil, Rosneft, Gazprom and TNK-BP have asked the government to lend state money on market terms to help them expand their businesses abroad. Gazprom says it expects OPEC members to prevent another ‘substantial’ drop in the oil price. Lithuania may renege on a promise to shut down its Ignalina nuclear plant, saying the risks of relying on Russian energy are too high. LUKoil has urged Iraq’s oil minister to remove obstacles to its investment program for the West Qurna oilfield, which was outlined whilst Saddam Hussein was still in power. Surgutneftegaz is to pour $3.75 billion into an oilfield in Yakutia by 2011.